(1) The annual accounts and the balance sheet of the University shall be prepared under the direction of the Executive Council and shall once at least every year, and at intervals of not more than fifteen months, be audited by the Comptroller and Auditor General of India or by such person or such persons as he may authorize on his behalf.
(2) A copy of the annual accounts together with the audit report thereon shall be submitted to the Senate and the Chancellor through the Government, along with the observations, if any, of the Executive Council.
(3) Any observation made by the Chancellor on the annual accounts shall be brought to the notice of the Senate and the observations of the Senate, if any, shall, after being considered by the Executive Council, be submitted to the Chancellor.
(4) A copy of the annual accounts together with the audit report, as submitted to the Chancellor, shall also be submitted to the Government.